What is a SWIFT Code / BIC (Bank Identifier Code)

Swift Code is a unique identification code for a particular bank. It is a standard format for Business
Identifier Codes (BICs, previously known as Bank Identifier Codes). It is technically used to identify
banks and financial institutions globally distinctively - it says who and where they are. People use
these codes to transfer money within banks for international wire transfers (the reason you're probably
here looking up for info). SWIFT codes and BIC codes are same and the terms are interchangeable.

Parts of Swift Code BGFIGALIPTN

Swift codes are usually formed of 8 (or) 11 characters. You can understand that a swift code or BIC
refers
to a primary office when it's formatted in an 8-digit code. The codes are arranged in the following
manner:

BGFI GA LI PTN

Bank Code (A-Z) - 4 letter code. The first four letters indicate the shortened version of a bank's
name. The Bank Code for this is BGFI.

Country Code (A-Z) - 2 letter code. The second two letters say the name of the country in which the
bank
is
located. The Country Code for this is GA.
The country corresponding to this country
code is Gabon.

Location Code (0-9) (A-Z) - A 2 digit code that could be either two letters or numbers. It says
where
the
bank's head office is located. The Location Code for this is LI.

Branch Code - This is an optional 3-digit code. It states a particular branch instead of the bank's
head
office. The Branch Code for this is PTN.